Janney Montgomery Scott LLC Decreases Stock Position in Cummins Inc. (NYSE:CMI)

Janney Montgomery Scott LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.5% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,195 shares of the company's stock after selling 1,432 shares during the period. Janney Montgomery Scott LLC's holdings in Cummins were worth $12,691,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Pathway Financial Advisers LLC boosted its position in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock valued at $819,794,000 after buying an additional 2,523,854 shares during the period. International Assets Investment Management LLC increased its holdings in Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company's stock worth $315,616,000 after purchasing an additional 972,247 shares during the period. Price T Rowe Associates Inc. MD raised its position in Cummins by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company's stock valued at $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of Cummins in the 2nd quarter valued at about $68,018,000. Finally, SG Americas Securities LLC grew its position in shares of Cummins by 1,012.0% during the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company's stock worth $54,574,000 after buying an additional 179,346 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company's stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on shares of Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a report on Friday, October 11th. Vertical Research cut shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective for the company. in a research report on Wednesday. Evercore ISI increased their target price on Cummins from $290.00 to $294.00 and gave the company an "in-line" rating in a report on Monday, August 19th. Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the stock an "equal weight" rating in a report on Monday, August 5th. Finally, Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $324.83.

Cummins Stock Performance

Shares of CMI traded down $1.29 during mid-day trading on Thursday, reaching $354.72. 625,794 shares of the company's stock were exchanged, compared to its average volume of 1,504,368. The business's fifty day simple moving average is $321.21 and its 200-day simple moving average is $298.27. The stock has a market capitalization of $48.61 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 1.86 and a beta of 0.97. Cummins Inc. has a 52-week low of $214.57 and a 52-week high of $370.21. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the firm posted $4.73 EPS. Cummins's revenue for the quarter was up .3% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 19.96 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Friday, November 22nd. Cummins's payout ratio is currently 52.49%.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.